Claiming Medical Expenses: Free Healthcare?
Free Health Care? Did you know that Canadians spend on average more than $1,000 on medical expenses each year? It’s estimated that government programs, via our taxes, cover about 72% of medical expenses, which means that we pay for the rest. Your clients may be over-paying on their taxes because they don’t know about medical expense deductions.Portfolio Risk Management in Retirement Course to Efficiently Manage and Increase Family’s Net Worth
Canadians who reach age 65 are more likely than ever to live into their 90's thanks to healthier lifestyles and a decline in heart disease. But this lengthens the retirement income planning period. Therefore, a renewed focus on continued capital accumulation and preservation is as important as the tax-efficient withdrawal of funds. Knowledge Bureau’s recently updated Portfolio Risk Management in Retirement course reviews the measurement and calculation of risk and return from this perspective.
People in the News
Gain confidence and trust of your clients: Wisdoms from Sharon Timson, DFA - Tax Services Specialist, Manitoba
Life Purpose
"I am grateful for the blessings of wealth, but it hasn't changed who I am. My feet are still on the ground. I'm just wearing better shoes.” - Oprah Winfrey
Big Tax Refund? Make Room to Plan Education Savings
The RESP may become a more important savings vehicle in 2017 now that the Education and Textbook Credits are playing out their swan song on the 2016 tax return. Remember, you can still claim tuition fees and transfer up to $5000 to supporting individuals, however, with the reduced tax benefits in 2017, a fresh look at the RESP is worthwhile.
CRA Starts Tracking Tax Cheats by Fingerprinting April 1, 2017
It’s no April Fool’s joke: fingerprints of convicted tax cheats will be recorded in the Canadian Police Information Database (CPID), and accessible by Canadian police and border guards as well as some foreign agencies including the US Homeland Security department starting April 1, 2017.
Federal and Provincial Budget Changes Begin
The federal government has announced that the 2017 federal budget will be delivered on March 22. However, this week, a change related to mineral tax credits was already announced; as well, some provinces are going ahead with their budget announcement dates; most recently Manitoba.
